Intel Layoffs: 12,000 to Lose Their Jobs

Intel is laying off 12,000 people - roughly 11 percent of its global work force - the company announced Tuesday.

Most of these people will lose their jobs in the next 60 days though some will remain employed until next year.

The company said the moves will save the company approximately $750 million this year.

The company says that the moves are necessary as it transforms for being "a PC company to a company that powers the cloud and billions of smart, connected, computing devices."

Those business, the company said, make up 40 percent of its revenue.

"These actions drive long-term change to further establish Intel as the leader for the smart, connected world," Intel CEO Brian Krzanich wrote in an email to employees.

"I am confident that we’ll emerge as a more productive company with broader reach and sharper execution."

Intel is Oregon's largest private employer, with some 19,000 people working for it here.

The company did not indicate how many people in Oregon would lose their jobs or what sort of severance package they would be given.